News

Two more co-operative banks under moratorium The Reserve Bank of India has placed two more UCBs ( Urban Co-operative Banks ) , Parivartan Cooperative Bank and Miraj Urban Cooperative Bank, under moratorium following run on deposits. Parivarthan Cooperative Bank is a Mumbai based UCB, while Miraj Urban Cooperative Bank is in Miraj near Kolhapur. Depositors of these two banks will be allowed a one-time withdrawal of Rs.1000. A bank has also been imposed on lending. Development Credit Bank raises deposit rates The bank has raised interest rates on term deposits of below Rs.15 lakhs. The rates on 46-87 days have been revised to 6% per anum ( 4.75%) and on deposits for 88 to 177 days it has gone up to 7% per anum ( 6% ). For deposits of 178 to 237 days, the rates have been revised to 8.08% pen anum ( 6.50% ).